Guideline Value for Park Avenue 3rd Street

Park Avenue 3rd Street guideline value

The current guideline value of Park Avenue 3rd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Park Avenue 3rd Street has changed

Over the years, the guideline value of Park Avenue 3rd Street has seen significant changes. The earliest recorded figure was Rs 2,680 per sq.ft in the 2017 revision. This value increased to Rs 4,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 set the guideline value at Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street. Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the current guideline value of Park Avenue 3rd Street.

• Park Avenue 2nd Street, Murugan Syndigate: Rs 4,400 per sq.ft (2024)
• Park Avenue 3rd Street, Murugan Syndigate: Rs 4,400 per sq.ft (2024)
• Park Avenue 2nd Street: Rs 4,400 per sq.ft (2024)
• Park Avenue 1st Street, Murugan Syndigate: Rs 4,400 per sq.ft (2024)
• Park Avenue 1st Street: Rs 4,400 per sq.ft (2024)
• Park Avenue 1st Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Park Avenue 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Park Avenue 3rd Street?

The Velacheri Sub Registrar Office covers Park Avenue 3rd Street. The address is No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Velachery

The guideline value is a crucial factor in the property registration process in Velachery. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid at the time of registration.

It is essential for buyers and sellers to be aware of the guideline value as it influences the overall cost of property transactions. Ensuring that the property is registered at the correct guideline value helps in maintaining transparency and legal compliance during the sale process.

Frequently asked questions

What is the current guideline value of Park Avenue 3rd Street?

The current guideline value of Park Avenue 3rd Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,680 per sq.ft in 2017 to Rs 4,400 per sq.ft in 2024, an overall increase of 64% over these years.

What is the land classification for Park Avenue 3rd Street?

Park Avenue 3rd Street is classified as Residential Class II Type - II, which indicates its intended use for residential purposes.

Where can I calculate the stamp duty and registration fees?

You can calculate the stamp duty and registration fees using our stamp duty and registration fee calculator.

Which office handles the registration for Park Avenue 3rd Street?

The Velacheri Sub Registrar Office handles the registration for Park Avenue 3rd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.